Economic Survey 2021-22
GS Paper - 3 (Economy)
The Economic Survey 2021-22 was tabled in Parliament on 31 January 2022 by Finance Minister Nirmala Sitharaman soon after the President's address to both Houses of Parliament. The survey, presented a day before the Union Budget, underlines the state of the economy and outlines suggestions for policy actions.
Highlights of the Economic Survey 2022
- GDP growth rate projected in the range of 8-8.5% for the next fiscal 2022-23 (FY23)
- Growth projections based on oil price projection of $70-75 per barrel next fiscal, against current price of $90
- Agriculture least hit by pandemic, sector to grow by 3.9% in 2021-22 after growing 3.6% the previous year
- Inflation on everyone's mind: Eco Survey flags global resurgence of inflation, warns of imported inflation
- The Survey also went into detail on the government's use of the Barbell approach to COVID-19, saying that this "helped make it possible to target the vulnerable sections/businesses better, keeping the pandemic's economic toll at much less than what could have been"
- Pandemic, job uncertainty continues to make people wary of EMIs, with home loans registering 8% growth in Novemeber 2021, 0.4% below 2020
- Railways: Rs 65,157 crore capital expenditure from April to November 2021; capex outlay in the ongoing financial year is at Rs 2.15 lakh crore, which is five times the 2014 level.
- Railways capex will increase further in coming years and emerge as an engine of national growth.
- India has the third largest startup ecosystem in the world after US and China.
- Five sectors capture around 83% of the aggregate pipeline value: Roads (27%), Railways (25%), Power (15%), Oil & Gas pipelines (8%) and Telecom (6%)
- Climate finance will remain critical to successful climate action by developing countries, including India.